Indianapolis Times, Indianapolis, Marion County, 24 September 1950 — Page 41

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confessed to a banker friend that able profit, more than he had paid Well sustained compared with the National Associhe had “only one house to sell.” for the original house. same period a year ago. ci

without cracking a shell. | pick up next Sunday’ s Times.

ee NEWT-GOUDY;-the C.-0f C8. = rs "cars rolling. The Work aay at

Friends” course this winter, asked: 3 : ; . 3645 Watson Red i S : y r THE NEW YORK CENTRAL'S TH that 3 am. fast or slow | yep 1 eppert and Joseph H. Argus of the ‘American Estates ~~ This three. bedroom house in Homectoft was. purchased by - Another spacious four-bedroom suburban residence : poshing bard ta keep its freight i a oe reported this propert p revent realty sales can Eo firm. .. Mr. and Mrs. H. R. Bland from Mr. and Mrs, V. E. Eilers, Mrs. off the local real estate market early this month. This ir i - —!| The salesmen helped ders, Earl Christena sell their four- I. E. Holland was the broker handling ‘the transaction. Ehe also _ purchased by Dr. Don Carlos Hines from Dr. Frank O.

9 WEBI wir. : £ fs : Manciated With the J, D. Adams Co, while My. Riskin 1s co-owner assistant manager of the Adding Machine Service and Sales Co. of the Bruce Savage Ca. R marked another top property

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RealEstate | The Indianapolis Times 8 bent

Section Four Automobiles ..........43

SUNDAY, SEPTEMBER: 24, 1950 a

Inventory Control Soft-Pedaled Here

Factories Feel Rails Fate ‘Mortgage Men to Seek Tips Builders Say

Loan Brakes Active Trading On Trend of Construction CashRules Won't ek money oremisouin.. |y. Stock List Peril Supplies

By HAROLD H. HARTLEY, Times Business Editor Gains Exceed Point; | Regulation Holds EXECUTIVES TOOK A HARD, white-knuckled grip Specialty Issues Also | Sal P t Rate on the wheel of the S. S. Business last week. There was a |n Sharp Advance ales at Fresen , a troubled, war-boiling sea ahead, with a controls fog settling py JOSEPH W. MICHALSKI Ons Interpretation y LJ § LER] { Times Real Estate Editor

over it. United Press Financial Writer NEW YORK, Sept. 23 --Rail- . : p National Production Authority inventory controls

They were sweating it out at the banks, trying to road issues featured dealings on borrow more dollars to turn into inventories. And most the New York Stpck Exchange

of them weren't y ee eri this week with gains to more than [por 8 getting very —— {wasn't doing any more business a point. aren't as bad as some pro far. than before. But to the banks Specialty issues also were ducers of building materials

Others were running from those dollars were still dollars. sharply higher. Industrial stocks § Some wanted to expand their tacked on good gains and utilities bank to bank, hat in hand, beg- plants. But that was pretty much added small amounts. ging loans. A few got them, but out with the lenders unless the A rise in the railroad group

want to infer, | Construction leaders here last | week pooh-poohed warnings that NPA regulations may cause a

they were good-as-gold risks. ‘borrower had a good chunk of his moved that segment of the aver- blackout 1 Manufacturers pleaded that OWn to throw into the deal. age to its best level since June 17, Datkon . In ont supp y ma they weré not hoarding, couldn’t Said one banker, “If a borrower 1946. The general market aver- i a a . an preventing & wants to risk three timc: as much age this week spurted to a fur- H. Duff Vilm Sen. John Sparkman Rodney M. Lockwood Leon H. Keyserling ack market bartering. if they wanted to, that they can’t of his own money as we do, all ther new high since the average Construction League Managing keep enough materials on hand to right. That's his gamble, and it's was compiled 17 years ago. The Mortgage brokers and bankers will wet a finger and PRIVATE AS well as government experts will discuss the | Director Marshall D. Abrams fill orders. his money.” rails on Friday were just within shifting trends in building: materials and money- and how these | pointed out the regulations are

Manufacturers were caught in. The Indianapolis banks are a shade of moving to new peaks hold it to the shifting winds of construction money In fluctuations will affect present production rates. designed to prevent accumulation

another squeeze. It was the in- loaded with well-considered loans, since 1931, but profit-taking pre- Detroit next week. Top subject of the three day convention Will of excessive inventortes. flation vise which was actually but they are not over-extended. vented this breakthrough. They want to know what's happening and what's he how government credit curbs will make for | mpg 5 qone, he said, by limitcutting inventories for some. Some of the smaller banks over, Monday, the market displayed : : : i fewer loans, less construction capital. TWeI*R318% ing quantities of such materials This is how it worked. Where the state are getting pretty far some strength. Tuesday, however, going to happen to the money they loan and invest in also will want to know what to expect from the J Portland cement gypsum once he borrowed $10,000 to fill out on the long limb. Some, I'm some prifit-taking hitsthe list and the homes and offices Americans build. Féderal Reserve Board. hoard, soft wood, softwood ply an order, he now had to borrow told, have as much as 50 per cent prices slipped accordingly. The Will new regulations from FRB he as restric- goo "on and steel and non-fer-

More than 1800 officials of mortgage lending and

from $15,000 to $20,000 to fill the of their resources on loan. announcement by American Tele- | . : tive as those affecting Federal Housing Admin- 0, "etait on the control list same size order. And that’s a lot these days when phone & Telegraph of a new fi- investing institutions from one coast to another will {stration and Veterans Administration loans? Pt nis It cost that much more to make no one dares guess the momentous nancing program amounting to receive more than an earful of which wav the winds blow. President Truman's orders cutting back the By keeping supplies to a “practhe same number of units. He changes the next dawn may bring. $435 million unsettled the market They'll meet for the 37th time in the Motor City at the annual government mortgage insurance program came !icable minimum working inyvencompletely and prices broke frac- © i ve ‘ : ‘ less than a month after the outbreak of hostili- | tory” builders here need only Cinderella The real boom, which has hardly begun to fizz tions to more than a point. Morigage Bankers Association of America meeting, right in the ties in Korea. keep enough materials on hand when compared with what it promises, will be in List Recovers middle of two of the country’s most glamorous pieces of real Mr. Richards The orders on FHA and GI insured loans |to supply the high “rate of op housing. | The list recovered somewhat ©State the Book-Cadillac and Statler Hotels, trimmed money available for building, froze ap- eration,” Mr, Abrams said. And The old, middle class house, and by old I do not. mean those Thursday on restricted trading as Thera in the high-domed, Kkitten-soft carpeted parlors the praisals to July 1 construction costs, increased down payments for | the “rate” has been high, enaugh ready to fall down, is in for the full inflation ride. volume was held down consider- Jejopases in hear gon Rich 1 Janney nen 3 Shiazjos T. Fig users of these loans. to cause a shortage. er Jr. o e Nationa ank o elroit ana special member o a » o o ~ » » i The reason _is that there is no way vet found in which to set ay because of the Jewish Noll-| Lo jeral’ Reserve Hoard; Leon H. ni chairman of the THE: MORTGAGE Industry was the first to experience war- | HE SAID the regulations mean the price ceiling on an old house. And if somebody bought that,| The final session of the week President's Council of Economic Advisers. (Continued on Page 42—Col. 3) {that rate of operations can't be

Its value arises from its neighy he said, quite sadly, he’d be out was the most active in the five

borhood, = closeness to shopping centers and bus lines, Of business. day trading period, as operations, Builders to Hear New Realty Fen to Open Tuesday - how much land goes with it, its), And the same banker friend appeared normal in Wall Streets - om state of repair, how badly the likewise confessed humbly that if There was nothing in the ne : 5h owner wants to sell, and how, 'he had “any sense five years ago,” | t0 account for the spurt in pe much the prospect wants to buy. [he would have got out of bank- this week but inflation talk did| ica 0 So the old house looks as if it; ling and gone into real estate, influence investors’ sentiment to

will be inflation’s Cinderella, get- | Here's a sample. A house bo nt (2 certain extent. In line with : ’ $5 Frank W. Cortright

ting the full ride of war zooming at that time cost $7000 on a $500/.0is, Thomas B. McCabe, chalr.| prices. l1ot. man of the board of governors of |

Home owners who “might sell”| The same house sold recently the Federal Reserve Sytsem point-| To Speak Wednesday | sales,” he stated. already are catching onto the pos- tor $18,750. And if my arithmetic 4 out that alarming symptoms There'll be a steady hand char t- = sibilities of their properties. And a isn’t too ragged that was a profit Of Inflation were evident and that ing the future of home building WASHINGTON, Sept. 23 ings by H. R. Northup that there's lot of them are hanging on, wait-jof $11,250. {it was the most pressing internal for Marion County builders here| © ; : # There'll be a “drastic drop” In'no need for lumber on the goving for higher and higher prices. Allowing 25 per cent for capital problem before the country today. next week. re i IF & : : thome-hullding within 60 days. {ernment inventory control list, Indeed, one downtown realtor gains tax, the owner then tucked Elsewhere, on the economic| That'll be Frank W. Cortright, This was the warning from {n- Mr, Northup is executive vice . almost’ wept last week, when he $8337.50 in the bank, clear, keep- front, industrial production was executive vice president of the |dustry spokesmen here last week. president of the National Retail Tell Their prediction came from de- limber Dealers Association. 1) |cided dips already recorded in the, He said short supply of woed | number of applications to Fed- for housing in local communities, leral Housing Administration foriincluding Indianapolis, is due to . ‘mortgage insurance on single a disruption of the distribution

= increased; but “industry has been

going at peak anyway.” ome- ui ing “If they are permitted inven-

[tories sufficient to support thas

(present high rate of operation, Decline Due {nobody in the construction indus- | {try need kick too much,” Mr, s {Abrams said. Warning Sounded

| “The regulation simply draws {the line at the present rate of On New Controls [sax Times Special His observations followed warn-

| | |

{ Auto Output Soars hy \"'} | A week from Thursday the In-. Ward's Automotive Reports, a e 00 dianapolis Better Business Bureau statistical agency for the indus-|

i speak! here Wednesday

Pulling

will roll comfortably past its 35th milestone. bY revealed that more automo- Svening at She} {family homes, | system, not to shortage. But if you look closely you will notice the scars of many wars Diles have been built in United : Open in tro! And they warned ned mare new niall hl for honesty in business, truth in advertising, fairness in dealing States plants so far this year than SSE monthly meeting: fictions. or aN ; i : “be with the public in any other year except record-| / JRof the Marion leredit will cut Home the TE oversupp y of within N > * the. choi. Betiel /smashing 1949. Ward's estimated F JiCounty Residen- | drastically. months or less,” he said. Mog, i ET a an {U. 8. production this week at| F Jtial Builders, i I” And he further warned that n 1. veriey, /177,346 units, compared with 176, La Peril to Jobs Seen [controls now may “demoralize”

296 a week earlier. r. Cort. | Steel od ilso sontinuad at! Mr. Cortright a en] Home Bullders said further con- production and slowing distribu. i near record levels e American’ . : as trols over home sales and home tion, : Iron & Steel Institute disclosed Messcenes uty of the ani + Newest of the new... McConnell & Clark, realtors. buyers could “rock the domestic, “Placing lumber on the eritical {that production this week totaled J a Tortheomin Br or . x =n « = =» economy, resulting In unemploy- list under these conditions Ia 11,936,400 tons of steel, the second an g ment of millions of workers de- likely to bring about a further

| highest output on record. _ strictions from Washington. 3 C i d Ci k C d | Bes for the week .to-| The national leader is the sec- ceonnenl an ar 0. pendent an the industry for their bidding up of already high prices

{as buyers and users endeavor to

in the secretary's thorny chair for 27 years, fighting to keep unscrupulous business from pulling the wool over it's customers’ eyes. It started years ago with the jewelers who would blandly advertise ‘a “$1000 diamond ring for only $300.” And that in itself had

The National Association of the lumber market hy cutting

to be a lie, but the public bit. {taled 9,900,693 shares, compared ond top speaker to appear here in : | Frank W. 1 tect themselves” he said. Then came the same thing in | with 10,889,871 last week. Of the before zenhiors and Miler in 1a In- - Start West Side Business orate W. Counight, xemtiveimote explained that the tight the mattress trade, only it was 1408 issues traded this week, 736! SAL A a ol [pointed out that only 141,000 new lumber supply in some areas (oworse, fraudulent labels. One lead- moved higher, 505 were lower and chief of the National Association Hoosier realtors will wake to the dawn of realty activity next homes were started in August | day 1s being caused by the freight ing store got wise refused to 167 held unchanged. New highs "0 “root CF Boards, addressed Tuesday with more competition saying “good morning.” compared with the year's high of car shortage, a situation pointed cheat its customers with a $39.50 | were registered by 212 issues and, "1 estate industry. The newest real estate firm will swing wide the gleaming doors 149,100 in May. And August is/out by local lumbet dealers in mattress for only $19.50. 13 made new lows. Meeting at Athenaeum of new headquarters that day. co {still in the building peak period, | statements to me some time back. ! ; y 1 pr8C So the better stores got to- R I Sh I Mr. Cortright's address will fol- And thats Ihe team or prmest P. MeConner! and Herschel he said. This car shortage has caused gether, decided to stop it, and the enta elter llow cocktails beginning at 5 p. m. Clark. ey e “offically” in business. | With the government's new re- lumber to pile up in West Coast manufacturers wanted to give land dinner at 6:30 p. m. in the , Lney've been “partners” for the — \strictions on home mortgage mill yards while retail yards farhonor plaques to the honest ad- Reports Due {Athenaeum Turners Club {last five years In servicing home with the Woods firm most of | credit, new home starts will begin ther east can't get all the lumber vertisers, | Indianapolis apartment owners M. L. Hall, president of the Soler® and buyers for the Ford that tirhe, the last five years full aling off even more in October they could sell. The first co-operative news. |will learn of prospects of new Builders, said his talk is part Of | Cleared Gesks. and files to open| Prior to and during the war,| aro ho SH Mr, Northup wine tht when paper organization in the country - ~~ "uy Kelistadt ne Birthday rental shelter for Marion County industry-government meetings o" Fe = 500 Fooly Side. Mr McConnell was employed il Plans address Here | (Continued on Page 43—Col. 1) Ee ere I headed ny Speaker d the state neXt Week. taking place in leading American |, "sey; vw Morris St Link-Belt and with the Insley| Mr. Cortright, who speaks in mt wm + m= a co , eade * 12 PAnd the infor- cities following National Homes ‘ ’ or | Theodore Griffith of L. 8. Ayres ..iebrate thelr birthday in the mation will come ‘ week, Sept. ne Explains Purpose ‘Manufacturing Co. He sold real Indianapolis next week, based Plan Price Panel & Co., which passed on doubtful | 4 ¢piatie Club Oect..5. | straight from The Builders’ president sald| “The idea 1s better service for eatate as a big-time side-line,’ "| applications" sn ome ot FHA| For Realtor advertising. The cheaters Were ,,4 tne speaker is Sears Roe- the agency who these meetings are designed to our West Side neighbors and "Wg 0 Wo Lo ft's been ny surance. Requests, he gag noe. S : brought in and questioned. [buck & Co's vice president clears such big permit industry to receive infor- other home sellers and buyers vocation as well as ‘avocation dropped from 9604 a. week ‘before Marion County appraisers will If their ads persisted in dis- Charles H. Kellstadt. construction |mation on all factors governing around town,” explained Mr. Mc- woo [July 18, when federal curbs on receive the most current “meteor. honesty, the newspapers, and now{ It's a good choice. Sears’ is jobs. {financing and construction of new Connell, owner of the one-story = pn, we .year-old Marion County housing credit were ofdered, to logical” report behind the inflathe radio stations, refused to many things to many people. But| R. Earl Peters, housing under. present conditions. headquarters and backer of the, , 0 ang his partner, 39-year- 5510 a week Sept. 1. tion winds whipping up construc~ print them. |1t 1s one thing to everybody, that's state adminis- | Mr. Cortright's talk will be fol- new enterprise. old Mr. Clark, have contemplated! In Indianapolis, FHA director tion costs today. So it will be an auspicious oc- honesty right down" to its shoe trator. for Fed- ! ‘lowed by a question and answer Besides real estate, the firm ofp. new realty service “for some R. Earl Peters also reported a dip! At their initial fall meeting toeasion when the bureau members | laces. eral Housing Ad- {session in which more than 150 McConnell & Clark, realtors, will 4,» in number of applications during morrow night, the Society of Res-

ministration, will 2% organization members are expect- handle. insurance and mortgage ; , 46 , idential Appraisers will hear Foods showed a decline last weak EO . — bh : Before his association with the August, although dollar volume pp and

M “# 'ed to participate, loans. Woods com , . ; ; 8 253 quer local 1 discussi my { ; pany. Mr. Clark was was still high. Last month, 1253 query a local pane scussing Eat and Be e for the first time since Korea got mant Owners Mr. Peters | Musical entertainment will bel Strongest background In this a carpenter-contractor with the applications for 1272 units worth "Present and Futurs Outlook on

into the headlines. .Association this ‘provided during the dinner, Eimer business has been tucked under po ..co parrett Construction Co. more than $7.2 million were ap- Prices and Availability of BuildThe reason was plain. People were eating well, but they were first-hand information in a talk E. Meadley, executive vice presi- Mr. McConnell's belt for the last , 4 4 ino the war was one of proved by Indiana's FHA office. Ing Materials.” no longer throwing extra canned goods, and sugar into their super- here Wednesday. dent of MCRB, sald. 18 years. He has heen associated yo construction superintendents: The NAHB warned against im-, ‘The meeting. called by Presi market carts, Mr. Peters will also give the ’ . at Allison's plant 5. Mr. Clark is position of more controls until dent Goéhler H. Ohmart, will ba But all prices werent’ Jeveling. M h nt Dick- outlook for other types of -con- Producers Council To Hear Dr. Nourse a native of New Castle. tha full impact of therJuly federal held at the Martinique Lounge, Coffee, for instance, was SUll oy rua" tip Their wives 10 18Y in firoeioe ir onears FHA Berar, THe {Omer chairman of Presi the" Council In New York begin-| | Holh are embers of he Teal curbs 8 known. a A le Y - 3 27 LRA 08, . -. A [UN ; moving up, and will go up from j stock. They'll not only keep, but ters here. 5 I dent Truman‘ Couns] of Fco- ning es. speak on “What the Mr. McConnell, a graduafa of FELECTED FRESIDENT the panel consisting of Dean Gas. two to four cents a pound before they'll keep rising in price. The ye 1a) at noon In the Wash. Domic Advisers will be top speak: Eniergency Means to the Build- Manual High School, is married BOSTON, Sept. 23 (UP) Mil- kill of the Spickelmier Co.: Louis the week is over. |trop was off 60 per cent. ington Hotel will open the regular er at the annual meeting of the ng Industry.” Members of the and lives at 2705 Jackson St. Mr. ton R. Morgan, Commissioner of Moller, Anderson Lumber & SupIn fact coffee’s price behavior) The other item going up this (3) monthly meetings of - the Producers’ Council next week. New York Building Congress and Clark lives at’ 1845 Talbot 8t. Banking of Virginia, was elected ply Co, and Willlam H. Dwyer, " fs beginning to make us a nation week is soap powder. Association. the American Institute of Archi- From Tuesday on, they'll “live” president of the National Asso- Central Supply Co.

of tea drinkers. ‘It's cheaper, The supermarkets don't like William P. Snethen. manager | Dr. Edwin G. Nourse will speak (tects and other building industry on W. Morris 8t, with homes and ciation of Supervisors of State © William N. Waltermire, vice easier to make, less fuss, and this. Soap powders have been the or the Association, said - Paullat a luncheon meeting Sept. 28 representatives have heen invited loans and “better service” for Banks at the association's 49th president of the society, will pre. most Americans taks it without cannon-stuffing for the DIICe comm will preside at the meeting. during the three-day parley of to the luncheon talk. Hoosier shelter seekers. ‘annual convention here today. side at the meeting. cream. wars between the independents mtr ms pes ’ ‘ —

a dies ad an a alg, til WF Hoy Cas New Owners Take Over Homes On Watson Rd. Homestead Dr. and Conaroe Rd.

moved up about 2% cents since (hold out much longer. the first of the month and ,@E8S, | Look for soap powders, regular’ grade A large, have bounced 15 size to go up two cents, and the cents a dozen (now 68 cents) giant size five cents, before you |

Ten shining, new Plymouth Red cabs were delivered Straws to F. R. Jones yesterday by O. M. Jones, 1230 w.| r. Washington St. He expects to have the entire fleet Plymouthed gg shortly. And if those two Jones got to swirling before your eyes, left you confused, they did that to me, too.”

personable penman and public re-, lations man, is tackling one of the | Beech Grove has been increased toughest jobs of his life. | from 8 to 9 hours. That's sweet He's actually rewriting the En- ,; verge, ,eyclopedia Britannica— the Indi- In addition NYC’c buying 7000 ana section, that is. . |pew cars, and reconditioning GENERAL MOTORS is sharp- 3000 more. ening’ up its top personalities., And the toughest question of Eighly thousand top GM men a) came with the change of will take Dale Carnegie's “Win time at 2 a.m. today. Some one

6803 Homestead Dive. ; fir i} 82d St. and Conaroe’ Road

ear Heid Barley with “The Human Sdn of Braces” on | bedroom residence to Mr. Sud Sis, Ear Christe Mr. Christena is * sold the former Bland home at 48 8. Rosemers §t. Mr. Bland is = Sept. 6. The transaction was handled by Mrs. C. V.

of the Btar Taungry, : Mr. Eilers managed a food brokerage agency hers, : by Mrs. Winchester. tia